Chủ đề: trade

Implementation of the EU-Vietnam Free Trade Agreement has had a clear effect on two-way trade.

The first regular non-stop flight between Vietnam and the US, operated by Vietnam Airlines and expected later this month, will open up more opportunities for the two countries in terms of trade and investment. Two-way trade turnover is expected to reach a record $100 billion this year.

The US was Vietnam’s largest agriculture, forestry, and fishery export market in the first eight months of 2021, with turnover of nearly $11 billion; far outpacing the second-largest market, China, with $6.1 billion.

The United Arab Emirates (UAE) is one of Vietnam’s 10 largest export partners in the world and its largest trading partner in the Middle East and Africa. Vietnam continually posts a trade surplus with the country, and the Vietnam Trade Office in the UAE has forecast that two-way trade turnover will reach $5 billion this year.

Vietnam posted a trade deficit of $1.36 billion for the first half of August, bringing the year-to-date deficit to $3.88 billion. FDI enterprises posted a surplus, however, with export turnover of more than $145 billion as of August 15 and import turnover of $130.82 billion.

Covid-19 has become more serious in Vietnam and affected trade in goods. Businesses and workers alike are wary of future risks if the situation does not improve.

Africa is considered a diverse new export market of potential for Vietnam’s key products. Local businesses need to carefully study the market and legal regulations to avoid risks, however, and also adapt to the tastes and cultures of African consumers, who are primarily Moslems. Other difficulties include high import taxes in some African countries and the common occurrence of fraud.

Peru has recently approved the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), under which the country commits to eliminating 81 per cent of tariff lines once the agreement takes effect, equivalent to 62 per cent of import turnover from Vietnam, and eliminating 99.4 per cent of tariff lines within 17 years. After the effective date, goods exported to Peru with a tariff of 0 per cent will include outdoor furniture, agricultural products such as cashew nuts, tea, pepper, vegetables, and certain types of coffee, among others. Rates on textiles, garments and footwear will be cut to 0 per cent in the 16th year under a roadmap. Key export items include phones and electronic components, computers and electronic products, footwear, clinker and cement, textiles, and fisheries.

The turnover of Vietnamese fruit and vegetables exported to the US reached $57.4 million in the first four months of 2021, a 16.6 per cent increase year-on-year, according to the Ministry of Agriculture and Rural Development. The US Department of Agriculture has predicted that the total value of Vietnamese fruit and vegetables exported to the US this year may total $15.1 billion.

Figures from CCIFI show that many of Vietnam’s exports to the EU grew by more than 10 per cent year-on-year in the first half of 2021, confirming export opportunities for key products such as textiles, seafood, furniture, and wooden products in Europe. Businesses, however, must meet certain standards and requirements.

In the 6 first months of 2021 trade deficit increased rapidly with $1.47 billion, of which raw materials, fuel and materials accounted for nearly 49%...